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Russian LBMA Good Delivery Refiners Suspended

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According to an LBMA Update:

As of yesterday 7th March 2022:

In light of UK/EU/US sanctions and to ensure an orderly market, LBMA has suspended the following gold and silver refiners with immediate effect: 

  • JSC Krastsvetmet (gold and silver)  
  • JSC Novosibirsk Refinery (gold and silver)  
  • JSC Uralelectromed (gold and silver)  
  • Moscow Special Alloys Processing Plant (gold)   
  • Prioksky Plant of Non-Ferrous Metals (gold and silver)  
  • Shyolkovsky Factory of Secondary Precious Metals, SOE (gold and silver)  

These six refiners will no longer be accepted as Good Delivery by the London Bullion market until further notice.  


Existing Material Remains Good Delivery   
Following a suspension or a transfer to the Former List, the bars that the Refiner produced while on the List will still be considered Good Delivery.



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2 hours ago, Spark268 said:

this is a bit of a non-news item - no new gold is coming out of russia anyway  !

Sure, although the refiners may have stocks of bars outside of Russia, in subsidiaries etc, and it does act as confirmation, including the status of existing good delivery bars.

(We currently hold a small stock of Prioksky ones in offshore storage, for example).


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